As a plaintiff attorney and law firm business owner, you are focusing on many things like getting great results for your clients and growing your business. Retirement and succession planning are also likely your focuses and they are important ones.
Jeff East, certified financial planner through Raymond James and a member of the Advocate Capital, Inc. wealth management team, explained the four different stages of retirement you should think about when planning in an informative video interview.
This is the first stage of your retirement where you are excited, busy, and active. You will likely want to travel and therefore will be spending more money.
Big decision phase
The next phase is where you are settling into your new normal and thinking about the big life changes you want to make. This can be decisions like moving into a smaller home, renovating your home to be more accessible as you age, making a vacation home your permanent residence, etc.
Navigating the longevity phase
When you are planning and saving for retirement, you want to prepare for the medical care you may need, how you will get to doctor's appointments when you're less active, etc. This is the phase where you will want to make sure you're legal documents, like your will and power of attorney, are in order.
Solo journey phase
This is the phase where you or your spouse may be living alone after a passing. It is important to have your financial plan in order and ensure that your adult children or family members know the plan so they can help care for you when challenges arise such as the need to move into assisted living, have a health aid come to your home, or moving in with a family member.
Having a Certified Financial Planner help you prepare for these different phases can be invaluable. If you'd like to learn more about Jeff East and how he can help you with wealth management, click here.